Dreams Do Come True!

Orlando, FL – Buying a small business is always a challenge. Agreeing on a fair price with the seller, negotiating terms, accessing financing and then opening your doors with an “Under New Management” sign are just a few of the obstacles that must be overcome. And, when you are also relocating from Puerto Rico, fluent in Spanish but not English, the level of difficulty is magnified.

Sisters Jasmarie Rosa and Brenda Rosa, both recent emigres to Florida following the destruction and devastation to Puerto Rico caused by Category 5 Hurricane Maria, were undeterred by the steep climb to business ownership in front of them. Expert bakers with a family history of owning successful Puerto Rican bakeries in both the US and on the Island, they saw an opportunity when they found a bakery and sandwich shop for sale in Deltona, FL. With determination and passion, the sisters jumped at the chance.

Their first step was to locate some assistance, which they found at the Florida Small Business Development Center at Daytona State College (FSBDC at DSC), a sub-center of the FSBDC at the University of Central Florida (FSBDC at UCF), thanks to a referral by the Volusia Chamber of Commerce. The FSBDC was quick to respond to their request for consulting, with Sub-Center Director Jim Deering meeting with Rosa and Hernandez the next day. He quickly assessed their needs and connected them with FSBDC at DSC consultant Margaret “Maggie” Incandela and Program Assistant Tracy Martin.

“Despite the language barrier and our not understanding English very well,” recalls Jasmarie Rosa, “Maggie and Tracy helped us go step-by-step and made us a part of the process. We used the FSBDC’s no-cost consulting, training and market research. They helped us with everything: our business plan, financial forecasts, licenses and permits and more.”

Perhaps the service of greatest value to the sisters was the assistance that the FSBDC provided in obtaining a bank loan. The FSBDC introduced the Rosa sisters to prospective lenders; showed them how to put together their loan package; guided them in working with their bank, even meeting with loan underwriters to explain the business valuation required by the bank.

The FSBDC’s assistance made a difference. The sisters started the process of buying the business in January 2019, successfully closed their loan in April and opened El Coqui Bakery the week before Easter, with a line of customers out the door and down the street. Their fantastic and authentic Puerto Rican breads and baked goods, including Pan de Agua, Pan Sobao, Pan de Queso, and fabulous sandwiches have helped El Coqui Bakery get off to a “very good start,” according to Brenda Rosa. With plans to expand their days of operation and add menu items, like the famous Puerto Rican “Tripleta” sandwich, their future is bright.

“The FSBDC made all of this possible for us,” concluded Rosa. “We worked hard. They worked hard. In the face of all the stress, they were reassuring and made sure we got it right. In the end, the FSBDC helped us be successful and made our dream of opening a business come true.”

— FSBDC —

About the FSBDC at UCF

Hosted by the University of Central Florida (UCF), and with its main office in the National Entrepreneur Center located at the Fashion Square Mall in Orlando, the Florida SBDC at the University of Central Florida (FSBDC at UCF) is part of the UCF Office of Partnership & Innovation and the Florida SBDC Network.

The Florida SBDC at UCF provides aspiring and existing small businesses with no-cost consulting, low-cost training, and access to business data and research resources. In addition to its core service offering, the Florida SBDC at UCF also offers specialized services to qualifying companies, including capital access, market growth, government contracting, international trade, business continuation, cybersecurity, disaster planning and recovery, and more. The FSBDC at UCF serves an eight-county area that includes Brevard, Flagler, Lake, Orange, Osceola, Seminole, Sumter, and Volusia counties and maintains 10 service centers across Central Florida.

In 2017, the FSBDC at UCF served over 2,450 entrepreneurs in Central Florida with consulting services, resulting in more than 5,600 jobs created, retained or saved; $623 million in sales growth; $23 million in capital formation; $32 million in government contract awards; and 71 new businesses started.

About the Florida SBDC Network

For over forty years, the Florida SBDC Network, the state’s principal provider of business assistance [Fl. Stat. 288.001], has nourished a statewide partnership between higher education and economic development to provide existing and emerging small and medium-sized business owners with management and knowledge resources that enable overall growth, increased profitability, and economic prosperity for Florida’s economy.

In 2017, Florida SBDCs have provided professional business consulting to 11,750 client businesses, resulting in more than 28,800 jobs impacted; $3.2 billion in sales generated; $145.6 million in government contracts acquired; $135.4 million in capital accessed; and 335 new businesses started.

A statewide network of over 40 offices, the Florida SBDC is funded in part by the U.S. Small Business Administration, Defense Logistics Agency, State of Florida and other private and public partners. The Florida SBDC Network, headquartered at the University of West Florida, is nationally accredited by the Association of SBDCs and is a 2016 recipient of the President’s E Award for Export Service. Florida SBDC services are extended to the public on a nondiscriminatory basis. Language assistance services are available for individuals with limited English proficiency. For more information, please visit www.FloridaSBDC.org.

Florida SBDC Network

The FSBDC at UCF is a member of the Florida SBDC Network, a statewide partnership program nationally accredited by the Association of America’s SBDCs and funded in part by the U.S. Small Business Administration, Defense Logistics Agency, State of Florida and other private and public partners, with the University of West Florida serving as the network’s lead host institution. Florida SBDC services are extended to the public on a nondiscriminatory basis. Language assistance services are available for limited English proficient individuals.